Bytes: Difference between revisions

Revision as of 11:50, 18 June 2023

An Identity's $BYTE yield

Staked S1 and S2 Citizens yield $BYTES, an ERC-20 token. The Bytes 2.0 staking mechanism went live on June 15th, 2023 and replaced legacy Bytes. You can view, access and manage your staking rewards on the official Neo Tokyo website, under the /profile section.

Bytes 2.0 Yield

Both S1 and S2 which are fully Uploaded and Staked produce $BYTES. Holders can choose between 5 different hard-lock staking periods: 1 month, 3 months, 6 months, 12 months and 24 months. Once the NFT is staked, it cannot be unstaked for the duration of the timeframe that was selected. Same goes for Vault NFTs and $BYTES themselves. However, $BYTES Yield can be claimed as often as you’d like. It is not blocked by the staking period.

There are two separate emission streams: S1 Citizen yield and S2 Outer Citizen yield.

NOTE: This yield breakdown is a simplification. The actual mechanism in place is quite technical and complex. If you want to dive deeper into the details, feel free to read the full Tokenomics breakdown here. https://docs.google.com/document/d/1XJjFP350JSSEhdbiLUp3A9fKPIDvIbZEM38KLF4p5Ww/edit#heading=h.mf3gpaejdb6v

S1 Citizen Yield

The amount of daily yield for S1 citizens is a bit more complex than for S2’s and is determined by the following factors:

Identity Multiplier.
- One of the components that goes into assembling an S1 Citizen NFT is the Identity. Each identity has a “Credit Yield” trait that ranges from 1 to 3.
Vault Multiplier
Overall Participation
Staking Duration
- The duration of the staking period impacts the yield by multiplying it the amounts below:

S1 Staking Period	Staking Boost
1 Month	No boost
3 Months	1.25x
6 Months	1.5x
12 Months	2x
24 Months	3x

The amount of $BYTES staked.
- S1 citizens also have an option to hard-lock from 0 up to 2000 $BYTES into staking. The boost they receive goes up in increments of 1 for each 200 $BYTES added.

S2 Citizen Yield

For S2 Citizens, the NFT’s rarity has no effect on the amount of bytes they produce, even though their “allocation” trait is sometimes mistaken for a parameter that determines yield. S2 citizens must stake 200 bytes in order to start accumulating.

Bytes History

Initially $BYTES were distributed automatically when an S1 citizen NFT was assembled. Staking was not needed. The amount of $BYTES a citizen produced was based solely on the combination of their Vault and ID rarity, with yields ranging from 1 to 15. For more information, see the Legacy Bytes article.

Can I still claim my BYTES 1.0 Yield?

No, claiming was disabled forever on Wednesday, August 10th.

Bytes Use Cases

Bytes are the native currency of the Neo Tokyo ecosystem and have many different utilities.

Here are some of them:

Bytes are used to mint new NFTs. Some of the collections you can mint are Neo Tokyo Bought Identities (NEOTBI), Neo Tokyo Part 4 Land Deeds (NTLD) and Neo Tokyo Part 3 Item Caches (ticker),
Are there S2 collections as well?
Gender Swap
Message Change
Tipping System (in Neo Tokyo’s Discord server)
Integration Into Other Projects And Communities

$BYTE Value on Cryptocurrency Exchanges

https://www.dextools.io/app/en/ether/pair-explorer/0xfeb09c7e130a4b87b27ebd648ec485657b688b34

$BYTES Contract and Token

https://etherscan.io/address/0xa19f5264f7d7be11c451c093d8f92592820bea86

@@ Line 16: / Line 16: @@
 * Overall Participation
 * Staking Duration
-	The duration of the staking period impacts the yield by multiplying it the amounts below:
+** The duration of the staking period impacts the yield by multiplying it the amounts below:
 {| class="wikitable"
 |-
@@ Line 33: / Line 33: @@
 * The amount of $BYTES staked.
-S1 citizens also have an option to hard-lock from 0 up to 2000 $BYTES into staking. The boost they receive goes up in increments of 1 for each 200 $BYTES added.
+** S1 citizens also have an option to hard-lock from 0 up to 2000 $BYTES into staking. The boost they receive goes up in increments of 1 for each 200 $BYTES added.
 ===S2 Citizen Yield===